Making Home Affordable Program

Avoid foreclosure and get the help you need. In support of the administration's Making Home Affordable Program, Freddie Mac offers several options to help you with your mortgage and avoid foreclosure:

Home Affordable Refinance: This option can help you refinance into a lower or more stable rate if you're paying your mortgage on time but you're unable to refinance because you owe more on your mortgage than your home is currently worth.

Home Affordable Modification: This option can help you get a mortgage payment you can afford if you're behind in your monthly mortgage payment or believe that you may fall behind soon.

Home Affordable Foreclosure Alternatives: This initiative provides you with two options – a short sale or a “deed-in-lieu” – to help transition you to more affordable housing and avoid foreclosure if it is not realistic to keep your home.

To get help with the Making Home Affordable Program, call your lender and let them know you are interested in getting assistance through this program. (Your lender is the company to whom you make your mortgage payments. A lender can also be called a "servicer.") Use the customer service contact information located on your mortgage statement.

If your loan is owned by Freddie Mac (or Fannie Mae), your lender can help you determine your eligibility for the Making Home Affordable Program. If you learn that you are not eligible for the Making Home Affordable program – don't give up! Ask your lender about other options to help make your mortgage payment more affordable or avoid foreclosure.

Even if your loan is not owned by Freddie Mac (or Fannie Mae), your lender may participate in the Making Home Affordable Program or have other options to help you with your mortgage. Always ask! IFCU is here to help you.

Helpful Hints: (Click here)

To get help faster, have your personal financial documents in hand BEFORE you call your lender.

Can't reach your lender? Get FREE help in English, Spanish and other languages:

Beware of anyone who asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay - walk away.

Beware of people who pressure you to sign papers.

Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

Never submit your mortgage payments to anyone other than your mortgage company without their approval.

Report Scams: (Click here)

Fight back against loan modification scammers! If you think you've been scammed or approached by a company or individual promising to help you with your foreclosure, report it immediately!

Learn more about loan modification scams – knowledge is your best defense.

If you are struggling with your mortgage payments or facing foreclosure, you may feel overwhelmed and frustrated. Many homeowners simply don’t know what to do or where to go for assistance, and they feel too helpless to take action.

We understand. Fannie Mae has created KnowYourOptions.com to help homeowners just like you. We’ve made it easy to find the information you need, so you can get help before it’s too late.

Homeowners can lower their monthly mortgage payments and get into more stable loans at today's low rates. And for those homeowners for whom homeownership is no longer affordable or desirable, the program can provide a way out which avoids foreclosure. Additionally, in an effort to be responsive to the needs of today's homeowners, there are also options for unemployed homeowners and homeowners who owe more than their homes are worth.

Lower Your Payments
Through MHA modifications, homeowners have been able to lower their mortgage payments more than $500 each month, a significant savings for families.

Get Help If Unemployed
MHA and related programs were also designed to provide relief to those who are unemployed; those who owe more than their homes are worth; and those with home equity loans, HELOCs, or other second liens that are causing a strain on homeownership affordability.

Get Help With Fallen Home Value
In today's housing market, many homeowners have experienced a decrease in their home's value. Learn about these MHA programs to address this concern for homeowners.

Lower Your Rates
If you are interested in taking advantage of today's historically-low mortgage-interest rates, MHA offers refinance programs to help families get into more affordable and more stable fixed-rate mortgages.

Get Help With A Second Mortgage
If you have a home equity loan, HELOC, or some other second lien that is making it difficult for you to keep up with your mortgage payments, learn more about these MHA programs.

Exit Gracefully If homeownership is no longer affordable or the weight of homeownership has become too much to bear, MHA has a program that allows you to exit gracefully from the property with $3,000 in relocation assistance.

Home Affordable Refinance Program (HARP): (Click here)

If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.

Eligibility*. You may be eligible if you meet all of the following:

You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.

You do not have an FHA, VA or USDA loan.

You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.

You owe more than the home is worth, but your mortgage does not exceed 125 percent of the current market value of your home.

The refinance will improve the long-term affordability or stability of your mortgage.

You have the ability to make the new payments.

Home Affordable Modification Program (HAMP): (Click here)

If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.

Eligibility*. You may be eligible if you meet all of the following:

You occupy the house as your primary residence.

You obtained your mortgage on or before January 1, 2009.

You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.

You owe up to $729,750 on your home.

You have a financial hardship and are either delinquent or in danger of falling behind.

You have sufficient, documented income to support the modified payment.

You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

FHA Home Affordable Modification Program (FHA-HAMP): (Click here)

If you have a loan that is insured or guaranteed by the Federal Housing Administration (FHA), you may be eligible for a program through that government agency. FHA, VA and USDA all offer programs for struggling homeowners that strive to lower your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable.

For More Information:

For more information on FHA and participating servicers, call FHA’s National Servicing Center at (877) 622-8525.

If you have additional questions about getting mortgage help, contact one of our housing advisors at (888) 995-HOPE (4673). These HUD-approved housing counselors will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with housing counselors like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service. Help is available in more than 160 languages.

If you have a loan that is insured or guaranteed by the Department of Veterans Affairs (VA), you may be eligible for a program through that government agency. FHA, VA and USDA all offer programs for struggling homeowners that strive to lower your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable.

If you have additional questions about getting mortgage help, contact one of our housing advisors at (888) 995-HOPE (4673). These HUD-approved housing counselors will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with housing counselors like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service. Help is available in more than 160 languages.